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Today's Shanghai copper main force 1610 volatile decline
.
After the morning open, it slipped unilaterally from the high, maintained a weak shock, jumped and hit the lowest point in the late session, and finally closed at 37220 yuan, down 290 yuan, or 0.
77%.
Externally, today's LME March copper shock decline
.
It opened at $4,799 in the morning, peaked slightly at $4,810 before the shock was weak, plunged down in the late session, and tested the lowest point of $4,770, and closed at $4,775 during the domestic trading session
.
On the macro front, China's July import and export data table line was weak, with imports falling 12.
5% year-on-year and exports falling 4.
4% year-on-year, both weaker than expected, or indicating weak overall economic data in July
.
With the positive US non-farm payrolls data, the dollar index continued to rise, while US crude oil also rose continuously, or because the market predicted that OPEC would discuss crude oil production restrictions
.
In terms of the market, today's market supply is acceptable, the supply of good copper has increased significantly, so that the premium of good copper has fallen sharply, traders are mainly shipped, smelters ship a small amount, and the brand is mostly Jiangcopper
.
Downstream manufacturers have bargained for bargain hunting with the weakening of copper prices, and the purchase volume has improved compared with some time ago, but it is still mainly on demand
.
The afternoon premium fell slightly from the morning, with good copper reported at B100-B110 yuan, flat water copper B00-B20 yuan, and wet copper reported around C70-C60 yuan
.
According to the survey results of the Shanghai Nonferrous Gold Trading Center, most traders hold a downward view, and a small number of traders hold a volatile view
.
The Shanghai copper 1610 contract continued to fall to 37220 yuan / ton under pressure during the day, as China's July inflation data remained weak, increasing the risk of domestic deflation, and the US dollar index oscillated and rebounded, which was not conducive to the rebound
of copper prices.
However, in view of the fact that copper has not effectively fallen below the technical support below, it is recommended that short-term operations still need to be cautious, Shanghai copper 1610 contract can be 37000 yuan as the dividing line, range oscillation operation is the mainstay, the operating range is concerned about 38000-36700 yuan / ton
.
